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India’s GDP to Contract by 3% in FY21

Published on July 10, 2020
Current Context: BofA Securities, which is a foreign brokerage, has stated that India’s GDP will contract by 3% for financial year 2021.
India’s GDP to Contract by 3% in FY21
  • The lower contraction in GDP is predicted because the country is facing economic crisis due to the outbreak of COVID-19 pandemic.
  • BofA Securities has also predicted that India’s GDP will contract this fiscal with estimates ranging upto 7% negative growth.
  • It also stated that RBI will monetize the fiscal deficit by purchasing government bonds.

Question: 

Q.1 As per BofA Securities, India’s GDP will contract by___% for financial year 2021?
a. 2%
b. 3%
c. 4%
d. 5%
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